Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEET

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CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 208,601 $ 1,799,263
Prepaid expenses 719,613 102,416
Total current assets 928,214 1,901,679
PROPERTY AND EQUIPMENT, NET 0 0
OTHER ASSETS:    
Operating lease - right of use asset 167,692 189,282
Security deposit 32,058 32,058
Total other assets 199,750 221,340
TOTAL ASSETS 1,127,964 2,123,019
CURRENT LIABILITIES:    
Accounts payable 670,280 490,670
Current portion of long-term operating lease 103,076 99,259
Convertible debentures payable 240,000 240,000
Deferred R&D obligations - participation agreements 432,150 525,904
Deferred R&D obligations - participation agreements related parties 144,153 175,427
Loan Payable 538,311 0
Accrued interest 98,878 98,286
Accrued liabilities - payroll and directors fees 563,745 398,176
Total current liabilities 2,790,593 2,027,722
LONG TERM LIABILITIES:    
Long-term operating lease, net of current portion 79,033 105,919
Total long-term liabilities 79,033 105,919
TOTAL LIABILITIES 2,869,626 2,133,641
STOCKHOLDERS' EQUITY (DEFICIT):    
Common stock, $0.001 par value, 150,000,000 and 150,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 9,419,660 and 9,419,660 issued and outstanding at March 31, 2023, and December 31, 2022, respectively 9,420 9,420
Additional paid-in capital 116,026,590 115,784,488
Accumulated deficit (117,777,672) (115,804,530)
Total stockholders' equity (deficit) (1,741,662) (10,622)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,127,964 $ 2,123,019